1Introduction to Blockchain Technology
Welcome to the world of Blockchain technology, which I fundamentally believe will change our businesses and lives forever.
Let us start by understanding what Blockchain technology is and where it ‘fits’ into the current world.
Blockchain technology is a type of ‘distributed ledger technology’ which looks to share data and transactions across a number of different places. Unlike traditional databases, distributed ledgers have no central data store or administration functionality. A ledger is a record of data, which can be any data you wish to store and share. This ledger is tamper-proof and the data is encrypted for security.
Blockchain Technology Definition
Simple definition in nine words:
‘Trusted and efficient way of sharing data and transactions’
And a longer definition:
‘Blockchain technology can be viewed as a distributed ledger of information, which maintains a continuously growing list of records, called blocks, secured from tampering and changes.
Each block contains a timestamp and a link to a previous block. This means that blockchains are inherently resistant to modification of the data – once recorded, the data in a block cannot be altered retroactively.’